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Panamerican Foods buys sunflower seeds by the pound at a cost of $2.50 a pound...

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Accounting

Panamerican Foods buys sunflower seeds by the pound at a cost of $2.50 a pound and sells it for $6.00 a pound. Selling, general, and administrative expenses are $1.15 per pound. Gains on disposal of equipment are $13,450 and the compnay's tax expense is $17,890. Which of the following statements is correct?

  • None of the other answers are correct.

  • Gross profit per pound is $2.35.

  • Income bedore tax is $16.20 per pound.

  • Gross profit per pound is $3.50.

  • Net income per pound is $14.50.

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